What I meant was the technology behind crypto is not a fraud , Crypto as store of value and usage ... is a bubble
Well, according to some crypto true believers... If the code allowed him to achieve those results, then it wasn't wrong or illegal. Whatever the code does, that's crypto. The ones who screwed up were the people who wrote the code. Put another way: The blockchain exists independently of any government authority of legal system. It does not reside in any one country, and is not subject to the jurisdiction of any country's laws. Whatever the code allows is permissible. Whatever the code does not allow will simply never happen. Crypto can't be hacked. Whatever he did was authorized by the code, and was therefore permitted. The code is whatever it is. What he did was a feature, not a hack. If you don't like it, that's too bad. You can prevent it from happening again by changing the code. But you can't change the past on the blockchain. The code is like a set of laws and regulations, and you don't need a government to enforce them, because it is technologically impossible to violate those laws and regulations. It is impossible to do anything that is not permitted by the code. And anything that is permitted by the code is... permitted. The idea that the code itself might be wrong is simply not something that crypto purists are willing to countenance. They think it's like the laws of physics or something. It's a masterpiece of circular reasoning. But it's what many crypto purists really believe. I'm surprised no one has chimed in with this already. @Tokenz ? Here's a loose analogy. It won't hold up under serious analysis, but it's a good way to understand how they think. Suppose you are running a business, and you publish an employee handbook that says all employees get three weeks of paid vacation a year. And your HR department implements a scheduling system that allows people to schedule their time off. So an employee named Joe takes three weeks off, and gets paid for that time. Can you then go to him and say, excuse me, our handbook and our scheduling system contain flaws, and errors. You only get two weeks of paid vacation each year. So we are not going to pay you for three weeks. You have to give back that money, or we're going to deduct it from your next paycheck. Good luck fighting that one in court if you are the employer. Crypto is a very different context. But that's how they think. Whatever the code allows, that's what is allowed. The code is the formal document that defines the cryptocurrency, how it works, and what the rules are. It can't have mistakes or flaws, because the code is what everyone participating in crypto has agreed to. Another example would be some first-year law student trying to argue that the text of the United States Constitution contains a mistake or a typo, and that that particular bit of text needs to be ignored by the courts when they interpret it and make decisions. No, there isn't a mistake in the Constitution. Whatever it says is the law. You can have different opinions about what it means, but you cannot argue that the text itself contains a mistake. That's how crypto purists think about the blockchain.